Novo Nordisk Shares Drop 17% After Weak 2026 Outlook

Shares of Novo Nordisk fell sharply on Wednesday after the drugmaker warned that both sales and operating profit are expected to decline in 2026, citing lower prices in the United States and intensifying competition.

The company’s stock dropped by around 17 percent in early trading in Copenhagen, wiping out gains made earlier this year. The decline followed an unexpected early release of Novo Nordisk’s financial outlook for 2026.

Novo Nordisk said sales and operating profit are projected to fall by between 5 percent and 13 percent in 2026, significantly below market expectations.

The warning comes after the company had already lowered its 2025 guidance in July, pointing to pressure in the US market. That move triggered a one-day share price drop of more than 20 percent at the time.

Pressure in the US Market

Novo Nordisk said it is cutting prices to improve affordability for its GLP-1 weight-loss and diabetes drugs, a strategy that is expected to weigh on short-term financial performance.

The company faces increasing competition in the United States from lower-priced compounded versions of semaglutide, the active ingredient in Wegovy and Ozempic, as well as from rival drugmaker Eli Lilly.

Novo Nordisk said there have been some positive developments, including strong early demand in the US for a new oral version of Wegovy.

The company had a difficult year in 2025, with its shares falling by nearly 50 percent, marking the worst annual performance on record.

Leadership Changes and Pricing Strategy

Novo Nordisk has also undergone major leadership changes, appointing its first non-Danish chief executive and bringing former CEO Lars Rebien Sørensen back as chair.

The company recently reached an agreement with US President Donald Trump tied to the TrumpRx programme, offering direct-to-consumer discounts.

The new oral Wegovy pill has been priced at $149 (€126), significantly lower than the injectable version’s price a year earlier.

Novo Nordisk also warned that patent expiries in several markets outside the United States are expected to put additional pressure on sales in 2026.

Meanwhile, David Moore, head of the company’s US business, is leaving for personal reasons. He will be replaced by Jamie Miller, formerly of UnitedHealth.